<p>週四，亞洲市場開盤走低，投資者在整個地區消化唐納德·特朗普昨晚演講的影響。</p>
<p>在對美國人民的講話中，美國總統誓言將在接下來的兩到三週內對伊朗 “進行極其嚴厲的打擊”，這一言論讓投資者感到更加謹慎。</p>
<p>這次演講未能提供市場所期待的關於緩和局勢、霍爾木茲海的狀態或能源供應前景的清晰指引。</p>
<p>結果是可以預見的，股市暴跌，原油價格飆升，投資者回歸防禦模式。</p>
<p><strong>亞洲市場低開</strong></p>
<p>儘管各市場的強度有所不同，但亞洲整體表現疲弱。</p>
<p>日本日經 225 指數開盤下跌 1.4%，而更廣泛的東證指數下跌 0.94%。</p>
<p>韓國的波動最為劇烈，Kospi 指數下跌 2.82%，而小型股 Kosdaq 下跌 3%。</p>
<p>澳大利亞的 S&amp;P/ASX 200 指數最初開盤時處於正區間，隨後轉為下跌 0.48%。</p>
<p>在大中華區，香港恒生指數開盤下跌 0.5%，而中國大陸的 CSI 300 指數幾乎沒有變化。</p>
<p>這一模式表明，回調是週期性的，來自風險敏感資產，而不是統一的恐慌拋售。</p>
<p>韓國因其對出口和科技股的高度依賴，似乎對情緒變化最為脆弱。</p>
<p>日本也反映出全球市場更強的防禦性基調的壓力。</p>
<p>相比之下，中國市場則顯得更加穩定，提醒人們並非所有亞洲市場都以相同的力度反應。</p>
<p>特朗普表示與伊朗的衝突 “接近尾聲”，但他也明確表示美國將在接下來的幾周內繼續對伊朗 “進行極其嚴厲的打擊”。</p>
<p>對投資者而言，這並不是他們在全球交易波動期後所希望的明確保證。</p>
<p>演講沒有提供更清晰的結束方案，而是留下了進一步升級的可能性。</p>
<p>這很重要，因為市場在前一交易日已經傾向於對沖突進行更樂觀的解讀。</p>
<p><strong>油價反彈，繼續對情緒施加壓力</strong></p>
<p>油價是傳導到亞洲股市的最明顯渠道。</p>
<p>在演講後，布倫特原油價格上漲約 5%，至每桶約 106 美元，而美國西德克薩斯中質原油上漲超過 4%，剛剛超過 104 美元。</p>
<p>這些變動扭轉了早前的疲軟，並將能源風險重新置於市場敍事的中心。</p>
<p>原油價格的飆升直接影響到亞洲以貿易為主的經濟體。</p>
<p>更高的原油價格提高了進口賬單，增加了通脹壓力，擠壓了企業利潤，並威脅到消費者需求。</p>
<p>它們還使得中央銀行的前景變得更加黯淡，中央銀行原本希望在沒有外部價格衝擊的情況下管理較軟的增長。</p>

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<p>亞洲市場週四開盤走低，受到特朗普總統警告將在未來幾周 “極其嚴厲” 打擊伊朗的影響。日經 225 指數下跌 1.4%，而韓國 Kospi 指數下跌 2.82%。投資者表現出謹慎，因為特朗普的演講缺乏關於緩和局勢和能源供應前景的明確性。油價飆升，布倫特原油上漲約 5%，對亞洲貿易依賴型經濟體產生影響。市場的回調反映出情緒的變化，而非恐慌性拋售，各市場的強度各不相同</p>

<p>Asian markets opened on the back foot on Thursday, as investors across the region absorbed the fallout from Donald Trump’s overnight address.</p>
<div class="lb-trans"><p>週四，亞洲市場開盤走低，投資者在整個地區消化唐納德·特朗普昨晚演講的影響。</p>
</div><p>In his address to the American people, the US President vowed to hit Iran &#34;extremely hard&#34; in the coming two to three weeks, remarks that infused a fresh bout of caution among investors.</p>
<div class="lb-trans"><p>在對美國人民的講話中，美國總統誓言將在接下來的兩到三週內對伊朗 “進行極其嚴厲的打擊”，這一言論讓投資者感到更加謹慎。</p>
</div><p>The speech failed to offer the clarity markets were hoping for on the path to de-escalation, the status of the Strait of Hormuz, or the outlook for energy supplies.</p>
<div class="lb-trans"><p>這次演講未能提供市場所期待的關於緩和局勢、霍爾木茲海的狀態或能源供應前景的清晰指引。</p>
</div><p>The result was expected, as stocks plunged, crude surged, and investors returned to a defensive mode.</p>
<div class="lb-trans"><p>結果是可以預見的，股市暴跌，原油價格飆升，投資者回歸防禦模式。</p>
</div><p><strong>Asian markets open lower</strong></p>
<div class="lb-trans"><p><strong>亞洲市場低開</strong></p>
</div><p>The weakness was broad across Asia, though the intensity varied from market to market.</p>
<div class="lb-trans"><p>儘管各市場的強度有所不同，但亞洲整體表現疲弱。</p>
</div><p>Japan’s Nikkei 225 fell 1.4% at the open, while the broader Topix lost 0.94%.</p>
<div class="lb-trans"><p>日本日經 225 指數開盤下跌 1.4%，而更廣泛的東證指數下跌 0.94%。</p>
</div><p>South Korea saw the sharpest move, with the Kospi down 2.82% and the small-cap Kosdaq off 3%.</p>
<div class="lb-trans"><p>韓國的波動最為劇烈，Kospi 指數下跌 2.82%，而小型股 Kosdaq 下跌 3%。</p>
</div><p>Australia’s S&amp;P/ASX 200, which initially opened in positive territory, later turned 0.48% lower.</p>
<div class="lb-trans"><p>澳大利亞的 S&amp;P/ASX 200 指數最初開盤時處於正區間，隨後轉為下跌 0.48%。</p>
</div><p>In Greater China, Hong Kong’s Hang Seng opened down 0.5%, while mainland China’s CSI 300 was little changed.</p>
<div class="lb-trans"><p>在大中華區，香港恒生指數開盤下跌 0.5%，而中國大陸的 CSI 300 指數幾乎沒有變化。</p>
</div><p>The pattern suggested that the pullback is cyclical and from risk-sensitive assets rather than a uniform panic selloff.</p>
<div class="lb-trans"><p>這一模式表明，回調是週期性的，來自風險敏感資產，而不是統一的恐慌拋售。</p>
</div><p>South Korea, with its heavy exposure to export and technology names, appeared most vulnerable to the shift in sentiment.</p>
<div class="lb-trans"><p>韓國因其對出口和科技股的高度依賴，似乎對情緒變化最為脆弱。</p>
</div><p>Japan also reflected the pressure of a stronger defensive tone in global markets.</p>
<div class="lb-trans"><p>日本也反映出全球市場更強的防禦性基調的壓力。</p>
</div><p>By contrast, China was steadier, offering a reminder that not every market in Asia was reacting with the same force.</p>
<div class="lb-trans"><p>相比之下，中國市場則顯得更加穩定，提醒人們並非所有亞洲市場都以相同的力度反應。</p>
</div><p>Trump said the conflict with Iran was “nearing completion,” but he also made clear that the US would continue hitting Iran “extremely hard” in the coming weeks.</p>
<div class="lb-trans"><p>特朗普表示與伊朗的衝突 “接近尾聲”，但他也明確表示美國將在接下來的幾周內繼續對伊朗 “進行極其嚴厲的打擊”。</p>
</div><p>For investors, that was not the clean reassurance they had hoped for after a volatile stretch in global trading.</p>
<div class="lb-trans"><p>對投資者而言，這並不是他們在全球交易波動期後所希望的明確保證。</p>
</div><p>Instead of a clearer endgame, the address left open the possibility of further escalation.</p>
<div class="lb-trans"><p>演講沒有提供更清晰的結束方案，而是留下了進一步升級的可能性。</p>
</div><p>That mattered because markets had already spent the previous session leaning toward a more hopeful interpretation of the conflict.</p>
<div class="lb-trans"><p>這很重要，因為市場在前一交易日已經傾向於對沖突進行更樂觀的解讀。</p>
</div><p><strong>Oil prices rebound, keeping pressure on sentiment</strong></p>
<div class="lb-trans"><p><strong>油價反彈，繼續對情緒施加壓力</strong></p>
</div><p>Oil was the clearest transmission channel into Asian equities.</p>
<div class="lb-trans"><p>油價是傳導到亞洲股市的最明顯渠道。</p>
</div><p>After the speech, Brent crude climbed roughly 5% to around $106 a barrel, while US West Texas Intermediate rose more than 4% to just above $104.</p>
<div class="lb-trans"><p>在演講後，布倫特原油價格上漲約 5%，至每桶約 106 美元，而美國西德克薩斯中質原油上漲超過 4%，剛剛超過 104 美元。</p>
</div><p>Those moves reversed earlier weakness and put energy risk back at the centre of the market narrative.</p>
<div class="lb-trans"><p>這些變動扭轉了早前的疲軟，並將能源風險重新置於市場敍事的中心。</p>
</div><p>The surge in crude prices matters directly for Asia’s trade-heavy economies.</p>
<div class="lb-trans"><p>原油價格的飆升直接影響到亞洲以貿易為主的經濟體。</p>
</div><p>Higher crude prices raise import bills, add to inflation pressure, squeeze corporate margins, and threaten consumer demand.</p>
<div class="lb-trans"><p>更高的原油價格提高了進口賬單，增加了通脹壓力，擠壓了企業利潤，並威脅到消費者需求。</p>
</div><p>They also darken the outlook for central banks that had been hoping to manage softer growth without another external price shock.</p>
<div class="lb-trans"><p>它們還使得中央銀行的前景變得更加黯淡，中央銀行原本希望在沒有外部價格衝擊的情況下管理較軟的增長。</p>
</div>

Kospi slides 2.8%, Nikkei 1.4% as Trump Iran warning jolts Asian markets

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Kospi 指數下跌 2.8%，Nikkei 指數下跌 1.4%，因特朗普對伊朗的警告震動了亞洲市場